Anyone have any advice on approaching private lenders? Particularly, a family member that you may not be real close to…but you know they got some money.
Advice is appreciated.
Anyone have any advice on approaching private lenders? Particularly, a family member that you may not be real close to…but you know they got some money.
Advice is appreciated.
This is never easy. You’ll never know until you ask though. I have a contractor uncle who said to my face, ‘if you ever need any help let me know’. I went to him with a proposal and needed to borrow 3k, pennies to him. He said he would look it over and get back to me, never returned my call to this day about that deal. Later, I approached another family member about a deal and they gave me a blank check and said write it for however much I need. It was 35k.
Here’s what I’ve learned from those experiences.
Good luck.
Good advice. Thanks.
I went ahead and sent him an email detailing what I’d like to do. I attached a word doc, giving a sample investment scenario and showing how the numbers break down along with a breakdown of how much interest he would make.